drop-down list taxonomy problem

i have a function of custom taxonomies to display a drop down list on my website, which is working fine, but there is one problem, the default value is a custom taxonomy, but that i dont want, i want a custom word, like select cause the current default value, when i select it, it is not redirecting to the corresponding page,
if you wanna chaeck it, goto my website, on the home page i have kept that drop-down list
www.mbas.in

and the code of the function is

function the_taxonomy_dropdown($taxonomy) {
      $id = "{$taxonomy}-dropdown";
      $js =<<<SCRIPT
    <script type="text/javascript">
     jQuery(document).ready(function($){
      $("select#{$id}").change(function(){
        window.location.href = $(this).val();
      });
     });
    </script>
    SCRIPT;
      echo $js;
      $terms = get_terms($taxonomy);
      echo "<select name="{$id}" id="{$id}">";
      foreach($terms as $term) {
        echo '<option value="';
        echo get_term_link(intval($term->term_id),$taxonomy);
        echo '">' . "{$term->name}</option>";
      }
      echo "</select>";
    }
    add_action('init','jquery_init');
    function jquery_init() {
      wp_enqueue_script('jquery');
    }

what i do for keeping default value as Select ????